People's United Financial, Inc. Completes Second Step Conversion and $3.44 Billion Public Offering
17 April 2007 - 12:51AM
PR Newswire (US)
BRIDGEPORT, Conn., April 16 /PRNewswire-FirstCall/ -- People's
United Financial, Inc. (the "Company") (NASDAQ:PBCTD), the holding
company for People's Bank, announced today that it has completed
the conversion from the mutual holding company structure to a fully
publicly-owned stock form holding company and related public
offering. The Company sold a total of 172,226,250 shares of common
stock at a purchase price of $20.00 per share, of which 63,984,719
shares were sold in a subscription offering for which Ryan Beck
& Co., Inc. acted as selling agent and 108,241,531 shares were
sold in a syndicated offering for which Morgan Stanley & Co.
Incorporated acted as global coordinator and sole book-running
manager, Keefe, Bruyette & Woods, Inc., Lehman Brothers Inc.
and Ryan Beck & Co., Inc. acted as joint lead managers and
Sandler O'Neill & Partners, L.P. acted as co-manager. People's
Bank is now 100% owned by the Company and the Company is 100% owned
by public stockholders. Concurrent with the completion of the
offering, shares of People's Bank common stock owned by public
stockholders were exchanged for 2.1000 shares of the Company's
common stock. Cash in lieu of fractional shares will be paid at a
rate of $20.00 per share. The Company also issued 2,000,000 shares
of common stock and contributed $20.0 million in cash from the
offering proceeds to The People's Community Foundation, a new
charitable foundation that the Company established for the benefit
of the communities in which People's Bank operates. As a result of
the offering, the exchange, and the contribution to the charitable
foundation, the Company will have approximately 300,824,563 shares
outstanding after giving effect to the transaction. The shares of
common stock sold in the offering and issued in the exchange will
begin trading on the NASDAQ Global Select Market on April 16, 2007
under the symbol "PBCTD." The shares will trade under that symbol
for a period of 20 trading days and under the symbol "PBCT"
thereafter. Stock certificates for shares purchased in the
subscription offering are expected to be mailed to subscribers on
or about April 17, 2007. People's Bank stockholders holding shares
in street name or in book-entry form will receive shares of the
Company within their accounts. People's Bank stockholders holding
shares in certificated form will receive their shares after
returning their stock certificates with a properly completed letter
of transmittal to the Company's transfer agent. Thacher Proffitt
& Wood llp, Washington, D.C., served as special counsel to the
Company and People's Bank for the conversion and offering. Cleary
Gottlieb Steen Hamilton LLP, New York, NY, served as special
counsel to Morgan Stanley & Co. Incorporated, Ryan Beck &
Co., Inc., Keefe, Bruyette & Woods, Inc., Lehman Brothers Inc.
and Sandler O'Neill & Partners, L.P. for the offering. RP
Financial, LC., Arlington, VA served as independent appraiser for
the conversion and offering. This release may contain certain
"forward looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, and may be identified by
the use of such words as "believe," "expect," "anticipate,"
"should," "planned," "estimated," and "potential." Examples of
forward looking statements include, but are not limited to,
estimates with respect to the financial condition, results of
operations and business of People's United Financial and People's
Bank that are subject to various factors which could cause actual
results to differ materially from these estimates. These factors
include, but are not limited to, general economic and market
conditions, legislative and regulatory conditions, changes in
interest rates that affect People's Bank's interest rate spread,
changes in deposit flows, loan demand or real estate values and
other economic, governmental, competitive, regulatory and
technological factors that may affect People's United Financial's
and People's Bank's operations. DATASOURCE: People's United
Financial, Inc. CONTACT: Valerie C. Carlson, Corporate
Communications of People's United Financial, Inc., +1-203-338-2351,
Fax: +1-203-338-3461, Web site: http://www.peoples.com/ Company
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